Huntley v. Commissioner
United States Board of Tax Appeals
On May 22, 1929, the surrogate ordered that certain securities belonging to the estate of Charles R. Huntley, deceased, be distributed to the petitioners herein.
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On May 22, 1929, the surrogate ordered that certain securities belonging to the estate of Charles R. Huntley, deceased, be distributed to the petitioners herein. Pursuant to such decree the executors delivered the securities to the petitioners on June 20 and July 12, 1929. The securities in part were sold by the petitioners in 1930. Held, the basis for determination of gain or loss upon the sales was the fair market value of the securities "at the time of the distribution" to the petitioners, which was May 22, 1929, the effective date of the surrogate's decree. Arthur E. Braun, Trustee,29…
1Dissent
Smith,
dissenting: That the phrase “ at the time of the distribution to the taxpayer ” used in section 113 (a) (5) of the Revenue Act of 1928 has the meaning “ at the time of the delivery to the taxpayer” appears to me to admit of no doubt. The Senate Finance Committee Report No. 960, p. 28, 10th Cong., 1st sess., explaining section 113 (a) (5), states:
It appears that the House bill is inadequate to take care of a number of situations which frequently arise. For example, the executor, pursuant to the terms of the will, may purchase property and distribute it to the beneficiaries, in which case…
2Cases cited13 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Anderson v. WilsonSupreme Court of the United States · 1933
- Mississippi Ex Rel. Robertson v. MillerSupreme Court of the United States · 1928
- Braun v. CommissionerUnited States Board of Tax Appeals · 1934
- In re the Judicial Settlement of the Accounts of ThompsonNew York Surrogate's Court · 1903
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